The Dollar Is Falling Apart—Why Gold Comes Next | Alan Hibbard

Summary

Alan Hibbard argues the dollar-based global monetary system is at an inflection point, with unsustainable US deficits, lost Fed credibility, and a dollar that must be inflated away. He expects a new monetary regime in which gold is the only realistic anchor, while silver and Bitcoin are not viable near-term official anchors. He also says he personally prefers Bitcoin and holds more of it than gold, though he sees Bitcoin's official monetary role as decades away.

• Alan Hibbard says the dollar is falling apart and the global monetary system is approaching a new regime.
• He cites unsustainable fiscal deficits, the need to inflate away dollar debt, and damaged Fed credibility after 2021 QE.
• He expects gold to be central to any new monetary system and says central bank gold buying and possible gold-cover clauses support it.
• He explicitly rules out silver and Bitcoin as near-term official anchors for the new system.
• For Bitcoin, he cites youth, volatility, small market cap, limited central bank ownership, and branding risk as obstacles, but expects eventual adoption in decades.
• He personally favors Bitcoin as an investment and says he holds more Bitcoin than gold.
• He also discusses political and geopolitical catalysts, including Trump/Bessent comments on a new Bretton Woods and sanctions-driven de-dollarization.